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Companies - Back in favour? paper

Published on 02 May 13 by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE

With the recent crackdown on UPEs (Div 7A) and the uncertainty regarding taxation of trust income, more people are looking to companies again as an operating structure.

This paper includes:

  • a brief overview of the issues currently being faced by taxpayers operating through trusts
  • a brief overview of the general advantages and disadvantages of operatingthrough a company (tax and non-tax)
  • discussion on the use of a company for conducting a business, including mechanisms which may be used to minimise any perceived disadvantages
  • discussion on structuring options to try and achieve “the best of both worlds”
  • discussion on whether a company could be effectively used as an investment vehicle.

Author profile

Nicholas Wilkins CTA
Nick provides taxation, accounting and business services to clients ranging from individuals to ASX-listed corporations. His areas of speciality include capital gains tax (including the small business CGT concessions), deceased estates and small business entity concessions. Nick is a long-standing contributor to the Australian accounting profession through his involvement with The Tax Institute, both locally and nationally. Nick has extensive experience in helping small and medium size businesses maximise their potential and value – through management accounting, budgeting and benchmarking and by attending board and management meetings. His expertise helps clients maximise their return from the small business CGT concession. He also guides clients through the process of preparing businesses for sale, and passing on family businesses to the next generation. Nick has been a prominent contributor to The Tax Institute. He was chair of the SA Education Committee in 2014, and has served as a member of the National Convention Organising Committee and the SA Technical Committee. He has made numerous presentations for The Tax Institute on topics including personal services income, employee/contractors and structuring. Nick is especially dedicated to helping clients identify their long-term business goals, then developing a plan to achieve these goals. He firmly believes this can be done only by spending time with clients and working hand in hand with them. - Current at 13 November 2019
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This was presented at 46th South Australian Convention .

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SME risk differentiation framework

Author(s):  Scott BRYANT,  Michael CRANSTON

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